Mongolian President Nambaryn Enkhbayar will be in Moscow on a three-day working visit starting Thursday, and is set to meet with Russian President Dmitry Medvedev on May 16.
The source said such a level of trade would equal the figures seen during the Soviet era.
Bilateral trade has been growing steadily between Russia and Mongolia in the past few years. Last year, trade hit $677 million, up 28.3% against 2006. Russian exports to Mongolia increased 28.4%, and imports from the country rose 28.2% in 2007.
Russia is Mongolia's second largest economic partner after China. Last year, Russia exported to Mongolia oil and mineral products, food, agricultural raw materials, vehicles, equipment and chemicals.
Russia invested over $2.2 million in Mongolia last year, against $500,000 in 2006. Mongolian investment in Russia reached around $7 million in 2007.
Russia is currently studying the possibility of the construction of a small or medium-capacity nuclear power plant in Mongolia.
According to Mongolian estimates, uranium reserves in the country amount to 60,000 metric tons. However, Russian experts have assessed Mongolia's uranium reserves at 120,000-150,000 tons.
